EUR/USD turns positive on the day above 1.1930 ahead of Powell's testimony
|- EUR/USD is edging higher during the American trading hours.
- Eurozone consumer confidence improved at a softer pace than expected in June.
- Investors await FOMC Chairman Jerome Powell's testimony at 1800 GMT.
After spending the majority of the day in a relatively tight range around 1.1900 on Tuesday, the EUR/USD pair gained traction during the American trading hours. As of writing, the pair was up 0.17% on the day at 1.1935.
USD loses strength in the second half of the day
In the absence of high-tier data releases and fundamental developments, the USD's market valuation remains the primary driver of EUR/USD. Following Monday's sharp decline, the US Dollar Index managed to stage a rebound earlier in the day but struggled to preserve its bullish momentum with the benchmark 10-year US T-bond yield turning south and losing 1%.
Ahead of FOMC Chairman Jerome Powell's testimony before the House Select Subcommittee on the Coronavirus Crisis, the DXY is posting small daily losses at 91.80.
Earlier in the day, the data from the US showed that the Richmond Fed Manufacturing Index improved modestly to 22 in June from 18 in May and Existing Home Sales declined by 0.9% on a monthly basis in May.
On the other hand, the European Commission reported that the Consumer Confidence Index in the eurozone edged higher to -3.3 in June's preliminary reading from -5.1 in May, missing the market consensus of -3. Nevertheless, this data had little to no impact on the shared currency's performance against its rivals.
Technical levels to watch for
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